Singapore commits to implementing Crypto Asset Reporting Framework in 2027

29 November 2023

On 10 November 2023, the Inland Revenue Authority of Singapore (“IRAS”) announced that Singapore has joined 47 other jurisdictions to work towards commencing automatic exchanges in crypto assets reporting based on the internationally agreed Crypto Asset Reporting Framework (“CARF”) in 2027.

Published in June 2023, the CARF provides for the automatic exchange of tax relevant information on crypto assets and seeks to address the rapid growth of the crypto asset market and ensure that recent gains in global tax transparency are not gradually eroded.

Singapore abides by the internationally agreed standards for Exchange of Information (EOI) for tax transparency and is a member of the Global Forum on Transparency and Exchange of Information for Tax purposes, the multilateral body on the effective implementation of internationally agreed standards for tax transparency.

To ensure consistency and a smooth implementation for both businesses and governments, the jurisdictions that are also signatory to the Common Reporting Standard will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to the Common Reporting Standard as approved by the Organisation for Economic Co-operation and Development (“OECD”) in June 2023.

For more information on the CARF and the amendments to the Common Reporting Standard which were approved by OECD in June 2023, please click here.

Reference materials

The following materials are available from the IRAS website www.iras.gov.sg:

• Press release: Singapore commits to implement the Crypto Asset Reporting Framework

• Joint statement by Singapore and 47 other jurisdictions on implementing the Crypto Asset Reporting Framework